We show how the general equilibrium model with incomplete asset markets can be represented by a welfare program and we use this program to prove several well-known results. The approach is general in the sense that it uses a nonlinear specification for returns on assets and does not require...

This paper examines the extent to which Chinese farmers are connected to regional agricultural markets by looking at the intensity of price transmission from retail markets to the farmgate. This intensity is indicative of the extent to which farmers might benefit from improved marketing...

This article considers index-based safety nets aimed at assuring participants a minimum income at the village level, set by a prespecified poverty line. The participating villages collectively manage a pooled budget, offering an index-based per capita indemnity to the villages financed from a...